- Cardano price analysis is bullish today.
- ADA/USD continued to retrace overnight.
- Support was found at $1.30 this morning.
Cardano price analysis is bullish today as we currently see a higher low getting established at $1.3. From there, we expect ADA/USD to continue higher over the next 24 hours and look to break past the $1.38 resistance.
The cryptocurrency market has seen retracement over the last 24 hours. Bitcoin and Ethereum are both in the red, with a 1.56 and 1.41 percent loss. Meanwhile, Cardano (ADA) has seen a slightly worse decline as it lost almost 3 percent.
Cardano price movement in the last 24 hours: Cardano retraces from $1.38 resistance
ADA/USD traded in a range of $1.30 – $1.37, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 22.45 percent, totaling $1.07 billion, while the total market cap trades around $4.27 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA prepares to rally again?
On the 4-hour chart, we can see the Cardano price finding support at $1.30, likely leading to another rally beginning later today.
Cardano price saw a strong decline of over 18 percent last week result in a higher swing low set around $1.30. From there, local resistance was established at $1.38 as the market reacted from the low.
On the 1st of January, the resistance was retested with no break higher, leading ADA/USD into a consolidation. Yesterday, bears took over again, retracing the market lower.
Overnight, the Cardano price action found support at $1.30, indicating a higher low has potentially been set. If more upside is seen over the next hours, we expect ADA/USD to see another strong push higher over the next days, leading to a higher high above $1.38 current resistance.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as a new higher low was set at $1.30 overnight, leading to a slight reaction higher since. Therefore, we assume ADA/USD is now ready to make another push higher and break the $1.38 local resistance.